SEC closes its investigation against Ethereum (ETH) Cryptocurrency: Win for Crypto community
The trade price of Ethereum (ETH) surged 3% in the last 6 hours, following very big news about Ethereum (ETH) Cryptocurrency’s legal nature.
The current trade price of Ethereum (ETH), the top second-ranked crypto asset by market cap, is $3,555 which is 3% higher over the last 24 hours.
On 19 June 2024, Popular Ethereum ecosystem-focused blockchain firm ConsenSys stated SEC’s latest move is a significant victory for Ethereum developers, technology providers, and industry participants.
ConsenSys clarified that the SEC’s Enforcement Division has informed that it is closing its investigation into Ethereum 2.0. This indicates that the SEC will not pursue charges claiming that the sales of ETH constitute securities transactions.
ConsenSys explained that the SEC closed its Ethereum 2.0 investigation following a letter sent on June 7, requesting confirmation that the May ETH spot ETF application approvals, based on ETH being a commodity, would result in the closure of the investigation.
The SEC body emphasised that while this decision is significant, it doesn’t resolve the broader issues faced by blockchain developers and industry participants under the SEC’s stringent crypto enforcement.
ConsenSys mentioned that their legal battle continues, seeking a declaration that MetaMask Swaps and Staking do not violate securities laws, and criticised the need for a lawsuit to obtain regulatory clarity essential for the industry’s growth.
In short, we can say that a type of legal fight will remain alive against the SEC body but for the Ethereum crypto assets-related services.
Ripple vs SEC
It is worth it to note that the Ripple vs SEC case also stands in a similar kind of situation, just like ConsenSys vs SEC.
In the Ripple case, the court ruled that the XRP token was not a security but the SEC body actively tried to provide facts & evidence that the Ripple firm & its executives violated securities laws badly, in connection with XRP Cryptocurrency.
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